Wills: Do You Tell Your Beneficiaries the Details? (grandparents, grandpa, husband)

[MissNM]

Originally Posted by howard555

When my sibling and I divided personal property some colored stickers were used.
I'm aware of another situation where the parents let all kids and grandkids and other important people in their life, come to the house and each person had different colored stickers and were allowed to select 1-2 items that they would like to have. It was a very pleasant event. There was no, "Oh he wants my "x" after I die." It was not like that at all. The entire process was initiated by the parents and it was a wonderful way to do pre-select some keepsakes.

We tried that, and my sister cleaned out the place. Sad part, my mom is still alive.

I agree with giving things away while you are still able to. You never know what will happen in the future.

[Robyn55]

Originally Posted by Texas User

I would get a lump sum check? Tax-free?

You could be getting the proceeds of an insurance policy - or your aunt's favorite vase. You haven't said what you think your inheritance is. Robyn

[Texas User]

Originally Posted by Robyn55

You could be getting the proceeds of an insurance policy - or your aunt's favorite vase. You haven't said what you think your inheritance is. Robyn

No idea how much.

[Robyn55]

The issue is what - not how much. If you're getting a vase from your favorite aunt - you'll get a vase - not a check. Robyn

[howard555]

Originally Posted by Texas User

If I am the beneficiary and the person passes away then what is the process for me to collect the inheritance?

what are you expecting?

$
stock
insurance policy
land
cars
personal property

All can get to you in different ways.

[Texas User]

Originally Posted by howard555

what are you expecting?

$
stock
insurance policy
land
cars
personal property

All can get to you in different ways.

No idea. Is it rude to ask them if i am their beneficialry?

[howard555]

I think others can give you a detailed answer on that.

[Robyn55]

Originally Posted by Texas User

No idea. Is it rude to ask them if i am their beneficialry?

IMO - yes. Robyn

[howard555]

Originally Posted by Texas User

No idea. Is it rude to ask them if i am their beneficialry?

It may depend on who it is as far as "will they." (I doubt I, me, would have the courage to ask. I might try to hint in some way. Ex: Maybe my parent had two vehicles and I liked one, or the other. I might let my parent know my feelings about that vehicle. Maybe they give to me and maybe they do not, all up to them)

If it is your parents or brothers or sisters they may very well remember you in some way in their will.
The final decisions are their's.

I have an Uncle who has alot of money, over 1.5 million.
He has 3 daughters. One is retired and visits every day, one lives 400 miles away and the other one is local, but she is not really a family person though she has kids. But, he still plans to divide things evenly, not to penalize the one who got a job far away, or the one that is not the most social person in the world.

Then you may encounter parents who will leave more to the son or daughter that was emotionally close to them, or helped them the most.

Some times wills are not considered fair by one person or the other.
My Father divided his money 50-50, his personal property 50-50, and requested that my Mother leave her house to my sibling and he left me his house.
Of course my sibling and their spouse cried bloody murder and still do.
I know they are slowly brain washing my Mother, so they get from her, what my Father did not give them, in their opinion.

[Texas User]

I let them know when I put someone on my beneficiary list.